Kaufman and Canoles



Private Client Services Update - Virginia Adopts Uniform Power of Attorney Act
The Uniform Power of Attorney Act (“UPOAA” or “the Act”) was reenacted by the 2010 Session of the General Assembly. The 2009 legislation mandated this before it could become effective. The Act is now waiting the Governor’s signature. Once signed into law it will apply both to powers of attorney (“POA”) signed prior to and after the Act’s effective date. The UPOAA will not apply, however, (1) to powers to make arrangements for burial or disposition of remains, (2) powers created on forms prescribed by governmental agencies for a governmental purpose (the IRS form POA, for example), (3) powers coupled with an interest in the property subject to the power, or (4) powers to make health care decisions.
By Robert H. Powell III and Private Client Services

Employee Benefits Alert - Spring 2010
In This Issue:
- Obama Health Care Reform Enacted 
- April 30 EGTRRA Deadline for Employers Using Prototype Plans 
- Extension of Federal COBRA Subsidy 
- IRS Announces Correction Program for Nonqualified Deferred Compensation Plan Failures 
- Using Roth IRA Assets to Purchase a Business
By ESOPs & Employee Benefits

Credit Union Legal Update - Spring 2010
In This Issue:
- Warnings Regarding Third-Party Vendor Relationships
- Virginia Uniform Power of Attorney Act
- Making Home Affordable Programs
- Reverse Mortgage Products Face new Regulation
- Internet Social Networking and Blogging Policies
By E. Andrew Keeney

Private Client Services Update - Some Charitable Giving Thoughts Under Tax Laws Past, Present and Future
A recent request from a non-profit to help them develop a proposal for a significant donor solicitation caused me to reflect again on the big picture of charitable giving, with some interesting results when the math is viewed from a multi-generational perspective.
By Lewis W. Webb III and Private Client Services

Accidents and Incidents (Knowing Your Reporting Requirements)
Let’s say you are landing on a steep downslope and upon touchdown your tail rotor strikes the ground. No one is injured, but the blades must be replaced. Does this count as a reportable accident or incident?
By W. Hunter Old

Private Client Services Update - Incapacitated Without a Power of Attorney . . . Where Do We Go From Here?
Many people, for a variety of reasons, become unexpectedly incapacitated without having executed a well-drafted Power of Attorney authorizing his or her designated agent(s) to act in the event that he or she is unable to manage and conduct his or her affairs. Whether it is because of denial, procrastination or simply due to the fast-paced lives we live today, it is not uncommon for individuals to have overlooked this critical issue in connection with their financial and personal planning.
By Vonda W. Chappell and Private Client Services

Information for Kaufman & Canoles Clients in Light of Estate Tax Repeal
Effective January 1, 2010, the federal estate tax has been eliminated. Confusingly, next year on January 1, 2011 the estate tax returns, with an exemption only for estates under $1 million. When Congress enacted these changes back in 2001, estate and tax planners widely predicted that Congress would never allow the estate tax to end, but in fact Americans now find themselves facing an estate tax law which is changing, frustratingly complex and extremely difficult to plan for. In these unprecedented times, the lawyers of the Kaufman & Canoles Private Client Services Group want to provide you with this update and some concrete suggestions for reacting to the current law.
By Gregory R. Davis and Private Client Services